UK economy "a long way from normal", warns Mark Carney

The Governor of the Bank of England, Mark Carney, rejected fears of economic stagnation but said the UK economy was “a long way from normal” yesterday.

Speaking in New York, Carney said he didn’t think the economy would be trapped at a slower rate of growth and low investment, as suggested recently by former US Treasury secretary Larry Summers.

“Such worries have proven misplaced in the past and scepticism is warranted now,” he said.

However, while the Governor remains happy with the outlook for 2014, he warned against tight monetary policy.

“A recovery may be gaining pace but our economies are a long way from normal,” Carney said. “Leverage is still high and weak demand for advanced economy exports could persist for some time.”

Flexible labour markets and openness to global trade and investment flows would allow for “promising” long-term growth prospects, with the UK economy having spare room to grow without generating excessive inflation.

“It is hard to think of any reason why there should have been a persistent deterioration in the rate of potential growth in Britain,” he said.

This year’s economic recovery, which caught forecasters by surprise, was labelled unbalanced and unsustainable by some critics but Carney was optimistic.

“These developments merit vigilance but not panic,” he said.

“Recoveries are seldom led by investment, and strong demand from the UK’s major trading partners, including the eurozone, appears some way off. Ultimately a sustained recovery in the UK will require a more robust and balanced global economy.”

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  • Update --- May . 2014.

    Pictet & Cie Bank ---- List of Crimes.

    1996 ----- F.S.A--- Breach in London.

    2003 ----- F.S.A. -- States rogues operating in Pictet's London office. Ivan Pictet
    states that documents were forgeries but were later proved to be genuine in
    the British Courts. He had documents destroyed in their London office --
    hoping to hide the crimes.

    2007 .- - - The Securities and Exchange Surveillance issued a recommendation
    that the Prime Minister and The Commissioner of the FSA to take disciplinary action against Pictet Asset Management – Japan Ltd.

    2008 .-- Dec. - Pictet Bank state - " We have never chosen any funds linked to Madoff.

    2011 - - - Madoff Trustees sue Pictet & Cie. Bank for $156 ,000,000.

    2011- - - Pictet & Cie abetted a Bribery Scheme - Oil company sues Pictet for $350,000,000.

    2012 - - - April – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)

    2012 -- - June. -- Published in Anglo INFO .Geneva.--- USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank in order to collect large fees. ( Like MADOFF)
    Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90,000,000 million lost in this Pictet Ponzi scheme.

    2012 - - - July. -- De – Spiegel. -- states – Pictet Bank uses a letterbox company in
    Panama and a tax loophole involving investments in London to gain
    German millionaires as clients.

    2012 - - - August ---- German Opposition Leader accuses Swiss Banks of "organised crime."

    2013 --- Jan.--- Swiss MP' table motion to freeze Tiab Mahmud's assets of " criminal origins"
    held in Swiss banks – $18,000,000. held in 5 accounts at Pictet & Cie. Bank. Bahamas.

    Ironically the Pictet & Cie.Bank partners are bigger criminals than the criminals who have accounts in the their bank.

    The bank is now seeking to re-structure -- to cut the partners liability – hoping to off load their decades of criminal responsibilty – and protect their personal ill gotten wealth.. The Germans are right -- the bankers should go to prison if found guilty of financial crimes..


    Pictet & Cie Bank.

    Ivan Pictet.
    Charles Pictet.
    Nicolas Pictet.
    Jacques de Saussure.
    Jean – Francois Demole.
    Renaud de Planta.
    Philippe Bertherat..

    Pictet & Cie.- claim they are the “Rolls Royce”of Swiss banks.

    Swiss Banks or more correctly Swizz banks.

    Swizz. ---- “ a great disappointment.” or a “ fraud.”

    Fraud. ---“ an intentional deception or dishonesty.”— “a crime.”

    Crime. ---“ an act committed or omitted in violation of a law.”

    Serious Crimes .

    Conspiring to pervert the Course of Justice.
    Perverting the Course of Justice.
    Contempt of Court.

    Pictet & Cie Bank –Partners –(1996—2014)---guilty

    Peters &Peters – Partners.— (1999---2014)--- guilty.

    The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.
    Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael Q.C.–and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.

    British Parliament. Hansard .29th March 2007.
    Barry Sheerman .M.P.—quote.

    ---------“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie - - a French Bank - - and Pictet Asset Management to back the fraud being perpetrated.””

    (1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)

    (2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted .

    (3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .

    (4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael Q.C.).

    (5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .

    (6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.

    (7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.

    In the F.S.A. cover up , they concluded that there had been “ Rogue” elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.”

    *** We thank --David Cameron. M.P. ( Canary Wharf Speech.)

    (1) Bankers who behave irresponsibly should face professional consequences.
    (2) If anyone is found to have behaved criminally they must be prosecuted.
    (3) The F.S.A and the Serious Fraud Office should be following up every lead,
    investigating every suspect transaction .
    (4) We need to make it 100% clear –those who break the law should face
    (5) That we make sure we root out any wrongdoing that may have happened, whoever
    is involved, however high or well connected they may be.

    Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA --- and the Police Fraud Squad.

    Written Parliamentary Questions received by the table office ..

    (1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

    (2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

    Quote. ( America’s Top Lawyer .)
    You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.

    *** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.

    The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

    Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”

    *** Started campaign --- June 6th.2008.
    5years ---- approx 10 .5 million e-mails - - - but still no writs, injunctions or threats of litigation - - - WHY - - - because it is all true.

    *** . The bigger they are --- the harder they fall.!!!
    In America ---- they would have all been in prison for the last seven years.

    Feb 2013,--- Pictet & Cie Bank Partners remove their unlimited liability.
    They realise that all their personal wealth is at risk , the people they have conned might want their money back.

    Full Story.
    " Google " .or "Yahoo"

    Insert-- ( Charles Pictet. Banker.
    Insert-- ( Ivan Pictet.Banker.
    Insert-- ( Jacques de Saussure.Banker.
    Insert-- ( Nicolas Pictet. Banker.
    Insert-- ( Jean-Francois Demole.Banker.
    Insert -- ( Philippe Bertherat. Banker.
    Insert-- ( Renaud de Planta. Banker.

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